Interest Rates & Features:  

Overall, the interest rates charged for Next Millennium secured credit cards are among the highest of the products featured on our credit cards for bad credit site. Both purchase transactions and cash advances are subjected to a 19.5% APR. To make matters worse, there is no grace period offered so interest begins to accrue on the day of the transaction. That’s not to say that these cards are all bad and indeed some of the other charges, detailed below, are lower than many other cards. If this card is chosen, customers can minimize the relatively high interest charges by paying any balance due online as soon as possible after a charge is made. In this way, positive credit activity is created which is reported to the major credit bureaus but interest charges are kept low because they’re not given time to accumulate.

Other Fees:  

The annual fee for Next Millennium cards is $59.00, a little lower than average for cards in this category. The cash advance fee is just 2% which is also below average. The minimum advance charge is $1.00 and the maximum is capped at $20.00. Late payment fees and charges for going over the credit limit are also well below average at $20.00 per occurrence. We cannot over emphasize the importance of avoiding these fees entirely, however, because behavior that causes them is in direct opposition to the goal of creating an improved credit profile. A low note in the other fees arena for Next Millennium cards Is the $99.00 account set up fee. Even for consumers who otherwise may find this card ideal can get an essentially identical card in the New Millennium cards which have a set up fee of a comparatively low $35.00.

Credit Limits:  

The minimum credit limit for Next Millennium cards is $300.00 and the maximum is $5,000. As secured cards, these limits are under the consumer's control and based on the collateral deposit that is made. Increases can be made in $100 increments, up to the maximum value, at any time. Cash advances are limited to 50% of the total credit limit of the card.

Features:  

Keeping in mind that the reason for getting a credit card for bad credit is to improve one’s credit record, the Next Millennium cards are adequate. As required by law, they provide consumers with protection against unauthorized use and, like all other cards, a lost or stolen card or suspicion of fraudulent use should be reported to the card issuer immediately.

Another nice and rather unusual benefit is that interest is paid on the collateral deposit. There is currently a bonus rate of 6% during the first three months of the account and 2% APY (Annual Percentage Yield) is paid after that. The rates are subject to change with market conditions.

Help & Support:  

Customer support is offered by telephone during customary business hours and there’s an automated voice response line available 24/7. Email support is also available. The most significant customer support vehicle for Next Millennium credit cards is, however, online account access.

Next Millennium secured cards aren't standouts but may be appealing to some customers. For an essentially identical card at a lower cost, check out our review of the secured cards from New Millennium Bank. To compare Next Millennium secured credit cards to the top rated cards in our survey, check out the objective reviews of cards from Applied Bank, UltraVX Visa and First PREMIER Bank.